FxWirePro: AUD/JPY breaks above daily cloud, eyes trendline resistance at 89.90

• AUD/JPY breaks above daily Ichimoku cloud, hits 6-week highs at 88.24, scope for further upside.
  
• The pair has held 5-DMA support on the downside, bouncing off lows at 87.48.
  
• Upside now finds stiff resistance at weekly 200-SMA at 88.45, break above likely to see further gains.
  
• Technical studies on weekly charts are bullish, RSI and Stochs are biased higher.
  
• Break above 200-W SMA raises scope for test of trendline resistance at 89.90.
  
• On the downside, 20-DMA is strong support, we see weakness only on break below.

Support levels - 87.96 (cloud top), 87.48 (5-DMA), 87.34 (50-DMA), 87.03 (20-DMA)

Resistance levels - 88.45 (W 200-SMA), 88.70 (Aug 1 high), 89, 89.42 (July 27 high), 89.90 (trendline)

Recommendation: Good to go long on dips around 88, SL: 87, TP: 88.45/ 88.70/ 89/ 89.90

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